* Bank of America climbs in premarket after earnings
* Empire State manufacturing, PPI data due
* Futures up: Dow up 45, SPX up 4.1 Nasdaq up 13.25
By Chuck Mikolajczak
NEW YORK, Jan 15 U.S. stock index futures rose
on Wednesday, indicating the S&P 500 will build on its biggest
gain in nearly a month, earnings from Bank of America and ahead
of data on inflation and manufacturing.
* Bank of America shares climbed 2 percent to $17.10
before the opening bell after the second-largest U.S. bank
reported an eight-fold jump in fourth-quarter profit, driven by
a steep fall in provisions to cover bad loans.
* The S&P 500 rose 1.1 percent on Tuesday, its
biggest climb since Dec. 18, as a strong December retail sales
reading eased concerns that economic growth might be slowing and
stocks may be expensive.
* Economic data due at 8:30 a.m. (1330 GMT) includes Empire
State manufacturing survey for January and the producer price
index for December. The New York Fed data is expected to show a
reading of 3.75 while producer prices are expected to rise 0.4
* Later in the session at 2:00 p.m. (1900 GMT), the Federal
Reserve will release its Beige Book of economic conditions.
* Other S&P 500 companies scheduled to report earnings on
Wednesday include CSX Corp and Kinder Morgan Inc
* Concerns have crept in among investors recently that stock
prices may have become extended. The S&P 500's forward price to
earnings ratio is at its highest level in nearly seven years.
The benchmark S&P 500 surged about 30 percent in 2013.
* S&P 500 futures rose 4.1 points and were above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures gained 45
points and Nasdaq 100 futures added 13.25 points.
* General Motors Co gained 2.7 percent to $41.08 in
premarket trade after the automaker said it will pay the first
quarterly dividend on its common stock in almost six years.
* Chelsea Therapeutics International Ltd surged
154.4 percent to $5.85 in premarket after an advisory panel to
the U.S. Food and Drug Administration concluded on Tuesday a
drug to treat a rare form of low blood pressure made by the
company is effective enough to warrant regulatory approval.
* European shares rose to fresh 5-1/2 year highs, buoyed by
a better global growth outlook from the World Bank, with gains
supported by easing regulatory concerns over banks in the euro
* Asian share markets were mostly higher as the World Bank
upgraded its outlook for the global economy while the dollar
extended gains in the wake of surprising strength in U.S.